Shit is fabulous. I don't just mean the CE, which has an artbook, soundtrack, special packaging, but also an ab-fab replica of Bayonetta's gun in the game, which was basically the clincher for me.
That and because she shouts a Viewtiful Joe reference and spends the opening level using Ebony and Ivory (from Devil May Cry fame while lamenting over how much they suck.
It shits all over Devil May Cry though. You're not penalized (time-wise) for exploring the level and there are checkpoints so if you die, you don't need to go through five thousand waves of enemy and lava-hopping again. But I guess it's a little less challenging as well, as in it's pretty easy to pull off spectacular combos and whatever. Not to say I haven't died.
Also, the titular (see what I did there) character is balls hot.